Earnings Per Common Share (Tables)

12 Months Ended

Dec. 31, 2022

Schedule of Computation of Basic and Diluted Earnings Per Share

The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):


	Year Ended December 31,
	2022		2021		2020
Numerator
Income (loss) from continuing operations	$	513,540	$	137,728	$	160,507
Noncontrolling interests’ share in continuing operations	(15,975)		(17,851)		(14,394)
Income (loss) from continuing operations attributable to Healthpeak Properties, Inc.	497,565		119,877		146,113
Less: Participating securities’ share in continuing operations	(2,657)		(3,269)		(2,416)
Income (loss) from continuing operations applicable to common shares	494,908		116,608		143,697
Income (loss) from discontinued operations	2,884		388,202		267,746
Noncontrolling interests’ share in discontinued operations	—		(2,539)		(296)
Net income (loss) applicable to common shares - basic and diluted	$	497,792	$	502,271	$	411,147




Denominator
Basic weighted average shares outstanding	538,809		538,930		530,555
Dilutive potential common shares - equity awards(1)	338		310		300
Dilutive potential common shares - forward equity agreements(2)	—		1		201

Diluted weighted average common shares	539,147		539,241		531,056
Basic earnings (loss) per common share
Continuing operations	$	0.92	$	0.22	$	0.27
Discontinued operations	0.00		0.71		0.50
Net income (loss) applicable to common shares	$	0.92	$	0.93	$	0.77
Diluted earnings (loss) per common share:
Continuing operations	$	0.92	$	0.22	$	0.27
Discontinued operations	0.00		0.71		0.50
Net income (loss) applicable to common shares	$	0.92	$	0.93	$	0.77

_______________________________________

(1)For all periods presented, represents the dilutive impact of 1 million outstanding equity awards (restricted stock units and stock options).

(2)For the year ended December 31, 2022, all 9.1 million shares that were settled during the year then ended were anti-dilutive. For the year ended December 31, 2021, all 9.1 million shares that were not settled during the year then ended were anti-dilutive. For the year ended December 31, 2020, represents the dilutive impact of 32 million shares that were settled during the year then ended.